Conservation shophouse on Purvis Street up for sale at $17.8 mil

Tan See Min, a 67 year-old Singaporean, is the third-generation owner of the conservation shophouse at 24 Purvis Street, built in 1927. His grandfather used it to run a business in packaging and parcelling from the first level, while the family resided on the upper level in five bedrooms.

The area was renowned for its Hainanese eateries including the Chin Chin Eating House, which opened in 1934 and is still running, and Yet Con Restaurant, popular for its signature dish of steamboat and Hainanese chicken rice which closed in 2021 after being in business for more than 70 years.

During World War II, Tan’s grandfather took his family to a tiny tropical island in the South China Sea, off Labuan, Malaysia. After the war, they returned to Singapore and Tan’s grandfather restarted his business in Packaging. He also sold baking ingredients.

Tan’s father pursued a career in SG Oxygen and delivered cylinders with his brothers, while Tan was still a child, he stayed with his family in Sembawang. He helped out with his father’s deliveries, and was no stranger to gang fights happening in the streets.

When Tan matured into a teenager, he moved to his shophouse to be closer to his school. Tan’s father and uncle famously became joint owners of the shophouse on Purvis Street after his grandfather passed away. When both of them passed away in 2011, Tan and his cousin became joint owners.

In 2016, Tan renovated the interior of the shophouse, spending a million dollars. Doing so has allowed him to turn an 11 metre ceiling height, into an attic level. The first and second storeys are approved for restaurant use for an expiry date of August 5th and September 20th, 2025 respectively.

Fizzy Dayz, a casual diner bar concept, currently occupies the first storey. King and The Pawn currently occupy the upper floors. Before Covid, the combined monthly rental rate for both tenants was $24,000 but has since decreased to $20,000.

The cousins have considered selling the asset and have listed it for expression of interest to Savills Singapore. The shophouse has a 1,679 sq ft site, 999-year lease from 1827, and existing floor area of 3,702 sq ft. The indicative price is $17.8 million, equivalent to $2,876 psf per plot ratio.

Tan’s cousin believes it is time to sell the asset, offering potential buyers a great opportunity to significantly add value to a property in a highly sought after conservation area. Splendidly located in the heart of the Shophouse district, it is within walking distance of Raffles Hotel, Raffles City, South Beach and three MRT stations.

The Beach Road Conservation Area offers only 20 of these conservation shophouses, all tightly held by the families who own them – making this property sale a rare and valuable opportunity.

24 Purvis Street is a one-of-a-kind investment opportunity that will not last long. It will bring major value to those who take a chance on its unique and historically rich location.

Living at The Myst Bukit Timah makes travelling around Bukit Panjang super convenient. It is a mere walking distance from Bukit Panjang MRT Station, Segar LRT station, and Bukit Panjang Bus Interchange, offering plenty of public transportation options. Luxury living and convenience come together perfectly here, making it an ideal choice for multi-generational families.

Tan See Min, the third-generation owner of the conservation shophouse at 24 Purvis Street, built in 1927, has put the property for sale through an expression of interest (EOI) with Savills Singapore. Located in the heart of the Shophouse District, located within the Beach Road Conservation Area, the shophouse has an impressive 1,679 sq ft, a 999-year lease from Jan 25, 1827, and an existing floor area of 3,702 sq ft.

Tan’s grandfather initially ran a packaging and parcelling business from the shophouse while the family occupied five bedrooms on the upper level. Later, the grandfather ventured into the sale and distribution of baking ingredients. Tan’s father followed up by becoming an agent for SG Oxygen, delivering gases such as oxygen, carbon dioxide and acetylene to foundries.

The area was famous for its Hainanese eateries including Chin Chin Eating House, which opened in 1934 and is still operating, Yet Con Restaurant, famous for its steamboat and Hainanese chicken rice which closed in 2021 after more than 70 years, and Mooi Chin Place, with its pomfret and sambal dish. Moreover, there was a traditional Hainanese confectionery on Purvis Street named Nam Tong Lee, that was celebrated for its Hainanese mooncakes.

The shophouse features high specifications, an efficient layout, generous ceiling height and ensuite washrooms on the first two floors, as well as a skylight and an attic added during the 2016 refurbishment. Before Covid, the combined monthly rental rate for both tenants was $24,000 a month, now decreased to $20,000 monthly.

The cousins considered selling the asset and listed it for EOI due to its high potential for value-add. An extension to build a five-storey property would increase the floor area to 7,052 sq ft and introduce new tenant concepts, leading to extra capital and rental value upside with alternative uses such as hospitality, accommodation, wellness and healthcare, subject to approval from the authorities.

The property is ideally located near the new mixed-use developments, close to Raffles Hotel, Raffles City, South Beach and three nearby MRT stations. The indicative price of $17.8 million for the shophouse translates to $2,876 psf per plot ratio. This rare investment opportunity will offer lots of value to the lucky investor, and will not stay in the market for long.